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Option 2 <br /> Lease three cardiac monitor/defibrillators. Physiocontrol offered a leasing <br /> program through US Bank at an interest rate of 5.584%. Staff requested a <br /> proposal from leasing companies and banks for five year lease rates (RFP) and <br /> the result of the RFP are as follows: <br /> • Bank of America 2.194% <br /> • CalFirst National Bank 2.940% <br /> As a result, staff is recommending that the City enter into a five year lease with Bank of <br /> America. A summary of lease payments and terms are as follows. <br /> Summary of Equipment Lease/Purchase Financing <br /> Principal Amount Interest Total Interest Payments Total Principal and Interest <br /> $103,711 2.194% $6,076 $109,788 <br /> The additional $1 ,707 per fiscal year needed to fully fund the lease can be <br /> covered through a transfer of funds from other LPFD accounts; thus avoiding any <br /> fiscal impact to the cities of Livermore or Pleasanton. . <br /> Both options include the monitors, cases, batteries, AC adaptors, and a maintenance <br /> contract. Staff recommends Option-2. The lease option is essentially a financing <br /> option, at whose termination the department can purchase the units for $1 each. The <br /> overall cost is $6,076 more than the purchase price, but allows LPFD to procure the <br /> units with no changes to the existing budget. <br /> Submitted by:/ � Fiscal Review: Approved by: <br /> amo9, 1, t <br /> mes Miguel Emily Wagner Nelson Fialho <br /> Fire Chief Director of Finance City Manager <br /> Attachments: <br /> 1 . Loan Amortization Schedule <br /> Page 3 of 3 <br />